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ASTRAL LIMITED (ASTRAL)

Producer Manufacturing · Miscellaneous Manufacturing · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.70 / 100
Profitability 68Growth 44Balance sheet 100
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.46 / 100
Price 35Earnings 53FII/DII 51

Passes these screensDebt-light & profitable

Compare withSUPREME INDUSTRIESGARDEN REACH SHIPBUILD ENGFINOLEX INDUSTRIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹1,272.8 latest close · −8.1% over the last 90 sessions

₹1,400₹1,600Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹1,400₹1,600Jul 3Sep 4Nov 9

₹1,272.8 month-end · −11.7% over 12 months

₹1,400₹1,600Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹1,400₹1,600Nov '25May '26Nov '26

₹1,272.8 month-end · −34.7% over 3 years

₹1,500₹2,000Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹1,500₹2,000Nov '23May '25Nov '26

₹1,272.8 month-end · +148.8% since Jan '19

₹1,000₹2,000Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹1,000₹2,000Jan '19Dec '22Nov '26

52-week range ₹1215.50 to ₹1768.70 · 1-year volatility 32.5%

Was the rally earned?

-12%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 16 points, but investors now pay less per rupee of profit (P/E 79.9x to 59.4x), which took 28 points back.
  • The share count barely moved.
Net profit growth: +17 pts. Points of the price return explained by net profit growing (or shrinking).+17 ptsNet profit growthP/E change: −28 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−28 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: −12%−12%Share priceNet profit growth: +17 pts. Points of the price return explained by net profit growing (or shrinking).+17ProfitP/E change: −28 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−28P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: −12%−12%Share price
Net profit growth+17 ptsNet profit rose about 20%, which lifts the price.
P/E change-28 ptsThe P/E fell from 79.9x to 59.4x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
-35%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 19 points, but investors now pay less per rupee of profit (P/E 114.7x to 59.4x), which took 54 points back.
  • The share count fell 3%.
Net profit growth: +16 pts. Points of the price return explained by net profit growing (or shrinking).+16 ptsNet profit growthP/E change: −54 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−54 ptsP/E changeShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3 ptsShare count changeShare price: −35%−35%Share priceNet profit growth: +16 pts. Points of the price return explained by net profit growing (or shrinking).+16ProfitP/E change: −54 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−54P/EShare count change: +3 pts. Points of the price return explained by the share count changing. More shares count against the price.+3SharesShare price: −35%−35%Share price
Net profit growth+16 ptsNet profit rose about 22%, which lifts the price.
P/E change-54 ptsThe P/E fell from 114.7x to 59.4x, which lowers the price.
Share count change+3 ptsShare count fell 3%, which lifts the price.
-23%share price, 5 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 31 points, but investors now pay less per rupee of profit (P/E 109.4x to 59.4x), which took 54 points back.
  • The share count barely moved.
Net profit growth: +30 pts. Points of the price return explained by net profit growing (or shrinking).+30 ptsNet profit growthP/E change: −54 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−54 ptsP/E changeShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1 ptsShare count changeShare price: −23%−23%Share priceNet profit growth: +30 pts. Points of the price return explained by net profit growing (or shrinking).+30ProfitP/E change: −54 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−54P/EShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price.+1SharesShare price: −23%−23%Share price
Net profit growth+30 ptsNet profit rose about 41%, which lifts the price.
P/E change-54 ptsThe P/E fell from 109.4x to 59.4x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with SUPREME INDUSTRIES

How rough has the ride been?

Maximum drawdown-48.8%not yet recovered
1-year volatility32.5%annualised
Beta vs sector index0.673-year daily, correlation 0.48
Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2020202120222023202420252026−48.8% 0%−20%−40%2020202220242026−48.8%
Largest drawdowns

-48.8% (2024-06 peak to 2025-03 low, not yet recovered)

-39.0% (2019-09 peak to 2020-03 low, recovered 2020-08)

-35.3% (2022-01 peak to 2022-06 low, recovered 2022-09)

Most recent volume spikes

2026-11-06: 11.1x the 50-day median, price -9.7% that day

2026-08-31: 25x the 50-day median, price -0.7% that day

2026-08-13: 25.4x the 50-day median, price +8.7% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

59.4xP/E todayNear its historic low
Against its own history3rd percentile
CheapestMedian 85.8xDearest

Usual range 68.6x to 116.3x since 2019-01.

Against Producer Manufacturing59.4x vs 29.6x
This company
59.4x
Sector median
29.6x

101% above the Producer Manufacturing median.

10.6x57.8x105.1x152.4xJan '19Aug '20Mar '22Oct '23May '25Nov '2610.6x57.8x105.1x152.4xJan '19Sep '21May '24Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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P/B (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Producer Manufacturing is valued

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE66thflat vs a year ago
  • Op. margin70th▲ 6 pts vs a year ago
  • Revenue growth55th▲ 25 pts vs a year ago
  • EPS growth60th▲ 28 pts vs a year ago
  • Debt/equity ↓76th▲ 3 pts vs a year ago
  • Cash cycle ↓87th▲ 6 pts vs a year ago
  • P/E ↓18th▲ 8 pts vs a year ago
  • 12M momentum42ndflat vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~29%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 66.8x, a holder earning 12%/yr needs earnings to grow about 29.2%/yr for 10 years, then trade at 15x.

Delivered4.6%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+24.5 ptsimplied minus delivered
Rank89thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

0%21%42% Jan 2019Nov 2026 0%21%42% Jan 2019Nov 2026

Change the assumptions

Exit P/E / return11%12%13%
12x30.8%32.0%33.1%
15x28.0%29.2%30.3%
20x24.5%25.7%26.8%

Drag a slider to test other assumptions

Implied: 29.2%/yr

Looking back

  • Jan 2020Price implied 34%/yr; EPS has since grown 3%/yr (7.0 yrs)
  • Jan 2021Price implied 36%/yr; EPS has since grown 3%/yr (6.0 yrs)
  • Jan 2022Price implied 36%/yr; EPS has since grown −1%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹1272.80
P/E
59.4x
ROCE
19.0%
Market Cap
₹34191 cr
Revenue (TTM)
₹6785 cr
P/S
5.0x
P/B
8.4x
ROE
14.2%
Operating Margin
15.0%
Debt / Equity
0.1x
Promoter Holding
54.2%
12M Momentum
-11.7%

52-week range

₹1215.50₹1768.70
10% of the way from its 52-week low to its high

Price risk

1Y volatility
32.5%
Beta vs sector
1-year daily
0.63

Balance sheet & cash

Interest cover
operating profit ÷ interest
14.3x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.61x
Share count, 1Y
unchanged

Are profits backed by cash?

7 of 7checks within rangeAll clear
Other income reliance4%Within range

Other income as a share of pre-tax profit (trailing twelve months): 3.6%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 26.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.61xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.61x (cash from operations ₹2,570 cr, net profit ₹1,600 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+1 daysWithin range

Debtor days are above the median of the previous three fiscal years by 1 days (26 vs 25). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress3% of fixed assetsWithin range

Capital work-in-progress is 3% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+15 days / 2 yrsWithin range

Days payable changed by +15 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, DIIs added 7.7 pts; FIIs trimmed 4.6 pts; promoters trimmed 1.6 pts.
  • The number of shareholders fell from 3.0 lakh to 2.6 lakh (-10%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters55.9%54.2%-1.6 pts
FIIs18.5%13.9%-4.6 pts
DIIs13.2%20.9%+7.7 pts
Public and others12.4%10.6%-1.8 pts

Number of shareholders

2.6 lakhshareholders-10% since Sep '23
2.6L2.8L2.9L3.1L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 3.0 lakh
Dec '23: 2.9 lakh
Mar '24: 2.9 lakh
Jun '24: 2.6 lakh
Sep '24: 2.9 lakh
Dec '24: 3.0 lakh
Mar '25: 3.1 lakh
Jun '25: 3.0 lakh
Sep '25: 3.0 lakh
Dec '25: 2.8 lakh
Mar '26: 2.6 lakh
Jun '26: 2.6 lakh
 2.6L2.8L2.9L3.1L Sep '23Sep '24Sep '25Jun '26
Sep '23: 3.0 lakh
Dec '23: 2.9 lakh
Mar '24: 2.9 lakh
Jun '24: 2.6 lakh
Sep '24: 2.9 lakh
Dec '24: 3.0 lakh
Mar '25: 3.1 lakh
Jun '25: 3.0 lakh
Sep '25: 3.0 lakh
Dec '25: 2.8 lakh
Mar '26: 2.6 lakh
Jun '26: 2.6 lakh

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−8.4%typical 12-month return vs the marketBelow the base rate
  • We found 50 past situations where a non-financial company looked like ASTRAL LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −21% to +13% vs the market, against −3% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −5.5%, 80% range −11.9% to −2.2%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−60%−40%−20%0%+20%+40%+60%+80%
SAFARI · Oct 2025: −41.5% vs market
BERGEPAINT · Dec 2023: −36.9% vs market
CARBORUNIV · Aug 2024: −35.2% vs market
KAJARIACER · Oct 2023: −31.7% vs market
MPHASIS · Jun 2022: −31.6% vs market
SFL · Aug 2022: −31.3% vs market
BIKAJI · Sep 2025: −30.3% vs market
LTTS · Jan 2022: −28.4% vs market
ATUL · Aug 2022: −26.9% vs market
ELGIEQUIP · Aug 2024: −26.3% vs market
KANSAINER · Jan 2021: −24.0% vs market
BECTORFOOD · Aug 2025: −23.7% vs market
VGUARD · Jul 2025: −21.9% vs market
GRINDWELL · Mar 2025: −18.0% vs market
HONAUT · Aug 2024: −17.6% vs market
JYOTHYLAB · Mar 2020: −17.5% vs market
PIIND · Jul 2023: −16.9% vs market
AFFLE · Jun 2023: −16.3% vs market
RELAXO · Mar 2022: −16.0% vs market
UBL · Jun 2020: −14.7% vs market
TTKPRESTIG · Jan 2020: −13.5% vs market
SHREECEM · Aug 2020: −12.4% vs market
CENTURYPLY · Jan 2022: −11.5% vs market
SUNDRMFAST · Jun 2021: −10.4% vs market
COFORGE · Mar 2022: −9.9% vs market
SONACOMS · Nov 2023: −6.9% vs market
KEI · Jul 2024: −5.7% vs market
VOLTAS · Jun 2021: −4.9% vs market
POLYMED · Oct 2021: −3.9% vs market
SYNGENE · Nov 2023: −3.3% vs market
HAVELLS · Jun 2023: −3.0% vs market
CERA · Nov 2021: −2.0% vs market
CONCOR · Jun 2020: +2.3% vs market
VBL · May 2025: +8.5% vs market
MANKIND · May 2024: +9.7% vs market
JBCHEPHARM · Feb 2024: +11.7% vs market
CUMMINSIND · Feb 2020: +13.3% vs market
UNITDSPR · Aug 2022: +13.4% vs market
ENDURANCE · Apr 2020: +19.5% vs market
PERSISTENT · Jun 2022: +22.7% vs market
METROPOLIS · Jun 2025: +26.4% vs market
THERMAX · May 2021: +29.6% vs market
RADICO · Jul 2022: +34.4% vs market
HSCL · Aug 2025: +37.3% vs market
MAXHEALTH · Aug 2024: +45.2% vs market
SIEMENS · Oct 2023: +50.3% vs market
EMAMILTD · Jun 2020: +55.3% vs market
IPCALAB · Oct 2025: +60.3% vs market
POLYCAB · Dec 2022: +68.1% vs market
POWERINDIA · Mar 2021: +108.5% vs market
Similar setups −8.4%All companies −2.9%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge

Similar setups' median
−8.4%
All companies' median
−2.9%
Beat the market
36% vs 47%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
KAJARIACER
Producer Manufacturing		 Oct 2023 58x20% +17%−15% −32%
VOLTAS
Producer Manufacturing		 Jun 2021 64x15% +87%−8% −5%
EMAMILTD
Consumer Non-Durables		 Jun 2020 33x18% −26%−37% +55%
KANSAINER
Process Industries		 Jan 2021 57x18% +10%−18% −24%
TTKPRESTIG
Consumer Durables		 Jan 2020 42x25% −10%−24% −14%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BIKAJI
Consumer Non-Durables		 Sep 2025 92x18% −19%−24% −30%
UNITDSPR
Consumer Non-Durables		 Aug 2022 71x25% +14%−19% +13%
CERA
Consumer Durables		 Nov 2021 65x15% +60%−21% −2%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and P/S. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to ASTRAL LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

GRINDWELL NORTONGRINDWELL
Process Industries
76%similar
EPS growthrevenue growth
UNITED SPIRITSUNITDSPR
Consumer Non-Durables
75%similar
P/Edebt/equity
TATA TECHNOLOGIESTATATECH
Technology Services
74%similar
promoter holdingrevenue growth
GODREJ CONSUMER PRODUCTSGODREJCP
Consumer Non-Durables
65%similar
ROCEpromoter holding
INDEGENEINDGN
Health Technology
65%similar
ROCEdebt/equity
SUPREME INDUSTRIESSUPREMEIND
Producer Manufacturing
78%similar
operating marginmarket cap
ZF COMMERCIAL VEHICLE CONTROLZFCVINDIA
Producer Manufacturing
78%similar
ROCEmarket cap
SUNDRAM FASTENERSSUNDRMFAST
Producer Manufacturing
74%similar
revenueEPS growth

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Sep '22

  1. NovPriceVolume reached 11.1x its 50-day median on 2026-11-06; price -9.7% that day.
  2. SepPeer rankSlipped to the 2nd quartile of Producer Manufacturing on operating margin (from the top quartile).
  3. AugPriceVolume reached 25.4x its 50-day median on 2026-08-13; price +8.7% that day.
  4. JunResultsYear-on-year EPS growth turned positive.
  5. JunValuationP/E fell below the 10th percentile of its own history to date (66.8x).
  6. JunPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  7. JunPriceVolume reached 7.8x its 50-day median on 2026-06-29; price -8.0% that day.
  8. MarPriceVolume reached 5.9x its 50-day median on 2026-03-11; price +5.2% that day.
Show 22 earlier events
  1. DecResultsRevenue (TTM) reached a new high of ₹6,016 cr.
  2. NovPriceVolume reached 11.6x its 50-day median on 2025-11-06; price +6.7% that day.
  3. SepPeer rankSlipped to the 2nd quartile of Producer Manufacturing on operating margin (from the top quartile).
  4. AugPriceVolume reached 11.6x its 50-day median on 2025-08-12; price -8.1% that day.
  5. JunResultsYear-on-year EPS growth turned negative.
  6. MayPriceVolume reached 7.2x its 50-day median on 2025-05-22; price +4.7% that day.
  7. MarPriceFell 49% from the Jun 2024 peak to the Mar 2025 low.
  8. MarPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  9. FebValuationP/E fell below the 10th percentile of its own history to date (68.4x).
  10. SepPeer rankSlipped to the 2nd quartile of Producer Manufacturing on operating margin (from the top quartile).
  11. JulPeer rankSlipped to the 2nd quartile of Producer Manufacturing on ROCE (from the top quartile).
  12. JunResultsYear-on-year EPS growth turned positive.
  13. FebValuationP/E crossed above the 90th percentile of its own history to date (121.7x).
  14. FebPriceVolume reached 6.5x its 50-day median on 2024-02-23; price +5.6% that day.
  15. AugPriceVolume reached 25.2x its 50-day median on 2023-08-31; price -1.0% that day.
  16. JunResultsYear-on-year EPS growth turned negative.
  17. JunPriceRegained the 2022-09 peak, 3 months after the low.
  18. JunValuationP/E crossed above the 90th percentile of its own history to date (116.6x).
  19. JunSharesShare count is up 35.0% over 12 months.
  20. MayPriceVolume reached 20.2x its 50-day median on 2023-05-16; price +5.7% that day.
  21. MarPriceFell 33% from the Sep 2022 peak to the Mar 2023 low.
  22. SepPriceRegained the 2022-01 peak, 3 months after the low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1159.4x₹6785 cr14.2%19.0%0.1x
2026-1062.6x₹6785 cr14.2%19.0%0.1x
2026-0963.9x₹6785 cr14.2%19.0%0.1x
2026-0876.2x₹6568 cr13.2%19.0%0.1x
2026-0772.5x₹6568 cr13.2%19.0%0.1x
2026-0666.8x₹6568 cr13.2%19.0%0.1x
2026-0584.3x₹6161 cr13.8%20.0%0.1x
2026-0481.7x₹6161 cr13.8%20.0%0.1x
2026-0385.4x₹6161 cr13.8%20.0%0.1x
2026-0288.0x₹6016 cr14.0%20.0%0.1x
2026-0177.9x₹6016 cr14.0%20.0%0.1x
2025-1273.2x₹6016 cr14.0%20.0%0.1x
2025-1179.9x₹5809 cr13.2%20.0%0.1x
2025-1080.4x₹5809 cr13.2%20.0%0.1x
2025-0975.8x₹5809 cr13.2%20.0%0.1x
2025-0869.8x₹5832 cr14.4%20.0%0.1x
2025-0771.9x₹5832 cr14.4%20.0%0.1x
2025-0677.3x₹5832 cr14.4%20.0%0.1x
2025-0576.5x₹5776 cr16.4%23.0%0.0x
2025-0468.7x₹5776 cr16.4%23.0%0.0x
2025-0366.1x₹5776 cr16.4%23.0%0.0x
2025-0268.4x₹5749 cr16.4%23.0%0.0x
2025-0177.1x₹5749 cr16.4%23.0%0.0x
2024-1284.5x₹5749 cr16.4%23.0%0.0x
2024-1188.0x₹5742 cr17.1%23.0%0.0x
2024-1087.0x₹5742 cr17.1%23.0%0.0x
2024-0997.8x₹5742 cr17.1%23.0%0.0x
2024-0894.4x₹5641 cr17.1%23.0%0.0x
2024-07107.7x₹5641 cr17.1%23.0%0.0x
2024-06117.1x₹5641 cr17.1%23.0%0.0x
2024-05123.3x₹5158 cr17.4%24.0%0.0x
2024-04124.6x₹5158 cr17.4%24.0%0.0x
2024-03117.1x₹5158 cr17.4%24.0%0.0x
2024-02121.7x₹5158 cr17.4%24.0%0.0x
2024-01107.7x₹5158 cr17.4%24.0%0.0x
2023-12112.2x₹5158 cr17.4%24.0%0.0x
2023-11114.7x₹5158 cr17.4%24.0%0.0x
2023-10108.9x₹5158 cr17.4%24.0%0.0x
2023-09112.5x₹5158 cr17.4%24.0%0.0x
2023-08114.9x₹5158 cr17.4%24.0%0.0x
2023-07115.8x₹5158 cr17.4%24.0%0.0x
2023-06116.6x₹5158 cr17.4%24.0%0.0x
2023-05100.8x₹4394 cr21.0%29.0%0.0x
2023-0480.1x₹4394 cr21.0%29.0%0.0x
2023-0374.0x₹4394 cr21.0%29.0%0.0x
2023-0278.6x₹4394 cr21.0%29.0%0.0x
2023-0185.5x₹4394 cr21.0%29.0%0.0x
2022-1281.8x₹4394 cr21.0%29.0%0.0x
2022-1178.5x₹4394 cr21.0%29.0%0.0x
2022-1084.6x₹4394 cr21.0%29.0%0.0x
2022-0992.9x₹4394 cr21.0%29.0%0.0x
2022-0887.1x₹4394 cr21.0%29.0%0.0x
2022-0775.6x₹4394 cr21.0%29.0%0.0x
2022-0668.9x₹4394 cr21.0%29.0%0.0x
2022-0586.1x₹3176 cr21.5%29.0%0.0x
2022-04107.2x₹3176 cr21.5%29.0%0.0x
2022-03100.7x₹3176 cr21.5%29.0%0.0x
2022-0296.7x₹3176 cr21.5%29.0%0.0x
2022-01107.5x₹3176 cr21.5%29.0%0.0x
2021-12113.6x₹3176 cr21.5%29.0%0.0x

Older months are in the live observatory.

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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